ROSH HA'AYIN, Israel,
March 29, 2016 /PRNewswire/ --
Pointer Telocation Ltd. (Nasdaq Capital Market: PNTR) - a
leading developer, manufacturer and operator of Mobile Resource
Management (MRM), announced today that the Tel Aviv Stock Exchange
(TASE) has approved the listing of the ordinary shares of Pointer
and trading is expected to begin on or about April 4, 2016 under the ticker symbol PNTR. No
new shares are to be issued in connection with the admission to
trading on the TASE. Pointer's shares will continue to remain
listed on the Nasdaq Capital Market, subject to the rules and
regulations of the Nasdaq Capital Market applicable to listed
companies.
The dual listing is a required step as part of Pointer's
previously announced re-organization, which includes the planned
distribution to Pointer shareholders, as a dividend in kind, of its
shares in its subsidiary, Shagrir Group Vehicle Services Ltd.
("Shagrir"). The distribution of the Shagrir shares is
expected to take place after the Shagrir shares are registered for
trade on the TASE, which is anticipated in May 2016. Pointer will issue a further
press release once the record date for the distribution has been
determined.
Once distributed, the Shagrir shares will be listed only on the
Tel Aviv Stock Exchange. As a result, only those Pointer
shareholders that hold Pointer shares in either an Israeli account,
or in a foreign account which is able to take delivery of TASE-only
listed shares will be able to receive the Shagrir shares upon their
distribution. All other Shagrir shares will be held in an escrow
account pending proper delivery and settlement instructions.
Settlement and delivery instructions, along with a description of
withholding taxes (where applicable), will be sent to shareholders
prior to the record date.
"I am very pleased that our shares have been approved for
listing on the TASE and that our Board of Directors has approved
the distribution of the Shagrir shares to our shareholders. This
distribution will provide our shareholders with ownership in two
focused companies, enabling the opportunity to value our roadside
assistance and mobile resource management businesses independently.
We believe this distribution will create long-term shareholder
value," said David David Mahlab, chief executive officer of
Pointer.
About Pointer Telocation
Pointer Telocation is a leading provider of technology and
services to the automotive and insurance industries, offering a set
of services including Road Side Assistance, Fleet Management and
Stolen Vehicle Recovery. Pointer has a growing list of customers
and products installed in 50 countries. Cellocator, a Pointer
Products Division, is a leading AVL (Automatic Vehicle Location)
solutions provider for stolen vehicle retrieval, fleet management,
car & driver safety, public safety, vehicle security and
more.
Pointer Telocation's top management and the development center
are located in the Afek Industrial Area of Rosh Ha'ayin, Israel.
Safe Harbor Statement
This press release contains
historical information and forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995
with respect to the business, financial condition and results of
operations of the Company. The words "believe," "expect,"
"anticipate," "intend," "seems," "plan," "aim," "should" and
similar expressions are intended to identify forward-looking
statements. Such statements reflect the current views, assumptions
and expectations of the Company with respect to future events and
are subject to risks and uncertainties. Many factors could cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including, among others, changes in the
markets in which the Company operates and in general economic and
business conditions, loss or gain of key customers and
unpredictable sales cycles, competitive pressures, market
acceptance of new products, inability to meet efficiency and cost
reduction objectives, changes in business strategy and various
other factors, both referenced and not referenced in this press
release. Various risks and uncertainties may affect the Company and
its results of operations, as described in reports filed by the
Company with the Securities and Exchange Commission from time to
time. The Company does not assume any obligation to update these
forward-looking statements.
Contact:
Zvi Fried, V.P. and Chief
Financial
Officer
Tel.: +972-3-572
3111
E-mail:
zvif@pointer.com
Gavriel Frohwein/Ehud Helft, GK Investor Relations
Tel: +1-646-688-3559
E-mail: pointer@gkir.com
SOURCE Pointer Telocation Ltd